Thailand-based payments firm Synqa has raised $80m through a Series C funding round, which was led by SCB 10X and SPARX Group.

The round has been participation of Toyota Financial Services (TFS), Sumitomo Mitsui Banking Corporation (SMBC), SMBC Venture Capital (SMBCVC), Aioi Nissay Dowa Insurance Corporation (ADI) and other investors.

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The proceeds from this funding round will help the company to provide enhanced enterprise solutions and products supporting the digital transformation of businesses.

Synqa aims to bolster its footprint in the cashless societies in Asia.

Formerly called as Omise, Synqa was established in 2013 as a payment gateway.

Synqa founder and CEO Jun Hasegawa said: “Despite these challenging times, I see a lot of opportunities in accelerating digital payments and digital transformation for enterprises.

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“This funding will accelerate the development of quality products and services by our subsidiaries to better connect people, businesses and society.

“I strongly believe technologies and innovation are crucial to building a more accessible financial infrastructure.”

Siam Commercial Bank is the fourth-largest lender by assets in Thailand. It has invested in startups such as US-based blockchain firm Ripple and Indonesia-based ride-hailing app Go-Jek.

Post-Covid-19, Synqa expects a shift in preference towards digital payments over cash.

According to the company, in times of social distancing, fintech infrastructure such as payment gateways are important tools in carrying out day to day financial transactions in a fast and convenient manner.

Last week, Singaporean fintech startup Fincy obtained $11m investment from parent GBCI Ventures.